Duco, a data engineering technology company, has completed a $28m investment round by Insight Venture Partners, Nex Opportunities and Eight Roads Ventures. The round also includes an investment by entrepreneur and former CEO of SunGard, Cristóbal Conde.
Duco provides technology that enables banks, brokers, asset managers and exchanges to normalise, validate and reconcile any type of data in Duco’s cloud, providing firms with on-demand data integrity and insight.
Duco says that it will use the investment to expand its global footprint, with headcount growth in Europe and the US, the launch of an Asia office and an expansion of its product set.
Christian Nentwich, CEO of Duco, comments: “Duco’s approach to solving complex data problems in financial services is to empower experts with self-service solutions. We have gained considerable traction as the industry looks for intelligent answers to evolving new market realities. Our clients have engaged us globally at a strategic level and are relying on our proven ability to deliver at scale. This investment enables us to push further in applying our natural background in computer science to solving fundamental industry problems, while strengthening our resources to deepen relationships with our existing client base.”
Michael Spencer, CEO of Nex, adds: “The evolution of the post-trade environment in financial services requires fundamental changes in market structure, processes and technology. In areas such as data, a deeper and more technical level of innovation has been required and this is exactly where Duco are the industry’s pioneers. Nex has supported the firm from its conception and we are thrilled, but not surprised, to see its substantial progress.”
Peter Sobiloff, managing director of Insight Venture Partners, comments that while his firm invests in many companies, Duco is one of the few that “stand out”.
“The company has already demonstrated tremendous growth, and we are looking forward to scaling that growth to the next level. We are impressed by the management team’s ability to deliver tangible impact in a challenging and complex business-to-business environment, while amassing an impressive global client list with high customer satisfaction levels and retention rates. Insight is looking forward to working with the Duco team,” he says.
Meanwhile, Conde says that the is “delighted” to be deepening his relationship with Duco, adding: “Reconciliation in financial services, and particularly in banks and large asset managers, is an area that requires a shake-up and re-engineering in the coming years. Duco is focused on bringing technological advancements to market in an industry that is ripe for disruption. The company is taking significant market share and will emerge as a household name in the coming years.”